According to Jon Heyman of Fancred, "it would be a shocker" if he doesn't declare for the NFL draft.
While he would still be able to choose to play baseball after being drafted by the Oakland Athletics, this move would keep his options open going forward.
Murray is highly regarded as an outfield prospect in baseball circles and was the No. 9 pick in the MLB draft, which helped him earn a $4.66 million signing bonus.
He could also potentially get even more money from the Athletics based on MLB adjusting its rules. Jeff Passan of ESPN broke down the latest news:
The additional money and the likely fast-track to the majors that would come from being on a 40-man roster could make baseball an appealing option for the 21-year-old.
However, he showed his prowess on the football field this season while winning the Heisman Trophy after an outstanding year with the Sooners.
According to Bleacher Report's Matt Miller, Murray would be a "lock as a first-round pick" if he were to enter the NFL draft.
The fact there are few sure things at quarterback in this class with Justin Herbert returning to Oregon could cause the demand on Murray to skyrocket by April.
Declaring for the draft could allow him to see where he is selected and then decide on a future.
At the very least, this likely ends his Oklahoma career despite having one more season of eligibility remaining.